Closing a business in NYS

Closing a business in New York State

Alizio Law PLLC LLCs, S-CORP

There are situations when it makes sense for a business owner to close a business.  However, a business owner may not just “walk away” from the business.  There are steps that need to be taken prior to dissolution of a business in New York State. Tax Return Filing Obligations All required income tax returns have been filed (and taxes paid). …

s-corporation reasonable salary

S-Corporations and the Reasonable Salary

Peter E. Alizio S-CORP

The legal entity chosen by a business will define the legal and tax compliance requirements of the business.  That being said, “S-Corporations” are very popular in the small business community.  An “S-Corporation” is a corporation that has made a tax election to be treated for tax purposes as a flow-thru entity similar to that of a partnership. However, there is …


Accounting for LLC Conversions – Change in IRS Classification

Peter E. Alizio LLCs

I previously expressed my love for LLCs here.  I like that a Single-Member LLC (“SMLLC”) is a disregarded entity for income tax purposes and does not need to file a separate stand-alone tax return. If the SMLLC is owned by an individual the income and expenses of the LLC are reported on Form: 1040; Schedule C. This will save the …

Real Estate High Rise

Never Hold Real Estate in a Corporation

Peter E. Alizio LLCs, S-CORP

In my younger professional days I was told that real estate should never be held in a corporation. I would repeat this over and over again in my career until someone asked me to explain why real estate should not be held in a corporation.  This article will answer that question:  Why real estate should not be held in a corporation …

s-corp vs llc

Entity Selection: S-Corp vs LLC

Peter E. Alizio S-CORP, LLCs

This article will compare the federal tax effects of entity selection.  This article will be relevant to all taxpayers throughout the country but at times may point out New York State specific issues. I will further explain the pros and cons of both an S-Corporation and an LLC from a tax professional point of view. What is an S-Corp?  There …

New York LLC vs Delaware LLC

Should a New York Business be a Delaware LLC?

Peter E. Alizio LLCs

This article is written for the New York business community for informational purposes.  I have been asked numerous times: “Should my business be a Delaware LLC or a New York LLC?”  This is a popular question as many believe there are legal and/or tax benefits by incorporating in Delaware.  This article will compare the costs and filing requirements for a New York based business …